Macquarie Infrastructure Company Discloses Performance Fee Payable for First Quarter of 2015, Closing of Bayonne Energy Center Acquisition

NEW YORK--(BUSINESS WIRE)--

Macquarie Infrastructure Company MIC announced that a performance fee of $148.7 million is payable to its management company, Macquarie Infrastructure Management (USA) Inc. (MIMUSA), as a result of outperformance by the Company of its benchmark index since the end of the third quarter of 2014, the last time a performance fee was paid.

Performance fees are payable when total shareholder returns are positive and exceed the total return for the benchmark index in both the quarter and cumulatively. The fee represents outperformance of the benchmark of approximately 16.2%, and reflects, in part, the $1.1 billion increase in MIC's market capitalization as a component of total shareholder return.

The total shareholder return produced by MIC over the two quarters ended March 31, 2015 – the last time a performance fee was paid - was approximately 22.6%. The total return produced by the US MSCI Utilities Index was approximately 6.4% while the broader S&P 500 Index returned approximately 5.9% over the same period.

"The substantial out performance of MIC relative to our benchmark has been gratifying," said James Hooke, chief executive officer of MIC.

MIC management has not revised its estimates for underlying Free Cash Flow per share for 2015 notwithstanding the dilution related to the expected share issuance in connection with the performance fee. "The continued solid performance of our businesses, together with the timely closing of the acquisition of the Bayonne Energy Center, allow us to reaffirm our guidance for 2015," said Hooke.

The number of additional shares to be issued to MIMUSA will be calculated using the volume weighted average price of $80.34 per MIC share. That price also becomes the new high water mark for the generation of any out performance in the future.

Since its IPO in December 2004, MIC has delivered total shareholder returns of approximately 17.8% per year. Over the same period, the MSCI US Utilities Index has delivered total returns of approximately 9.1% per year.

Acquisition of Bayonne Energy Center Completed

On April 1, 2015 MIC completed the previously announced acquisition of the Bayonne Energy Center. The $720 million (enterprise value) transaction adds 512 megawatts of gas-fired electricity generating capacity to MIC's Contracted Power and Energy segment.

MIC expects to provide additional commentary on the impact of the acquisition along with its financial report for the first quarter. The Company will publish its results for the first quarter of 2015 after the close of the markets on May 4, 2015. A conference call during which management will discuss the results will be conducted the morning of May 5, 2015.

About Macquarie Infrastructure Company

Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals, an airport services business, Atlantic Aviation, a gas processing and distribution business, Hawaii Gas, and several entities comprising a Contracted Power and Energy segment. MIC is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic. MIC-G

MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.